Entrepreneurship Worksheet: Income and Expenses Record

Entrepreneurship lesson 14: Simple record keeping · Set 563 · 40 questions

Business tip (Money in, money out): Income = money coming in; expense = money going out. Keep every bill or receipt. Profit = total income − total expenses. If expenses are more, loss = expenses − income. Update the record the same day, before you forget.

1. 1.Which of these is income (money in)? (a) printing posters (b) buying lemons (c) tutoring fees received (d) buying paper cups
2. 2.Which of these is an expense (money out)? (a) a card order paid (b) payment for a cake order (c) cash from selling plants (d) buying paper cups
3. 3.Arjun’s stall took in ₹50 on Friday, ₹100 on Saturday and ₹130 on Sunday. What was the total income (in ₹)?
4. 4.Diya’s record for a rainy day:
   Income: ₹250 (sales)
   Expense: ₹260 (stall fee)
   Expense: ₹40 (card paper)
   How much is the loss (in ₹)?
5. 5.Lakshmi’s record for a rainy day:
   Income: ₹270 (sales)
   Expense: ₹220 (ribbon)
   Expense: ₹70 (card paper)
   How much is the loss (in ₹)?
6. 6.📒 Income or expense: cash from selling plants? (a) income (b) expense
7. 7.True or false: “buying paper cups” is income (money in). (a) False (b) True
8. 8.Farhan’s record for the day:
   Income: ₹110 (morning sales)
   Income: ₹20 (evening sales)
   Expense: ₹70 (paper cups)
   Expense: ₹50 (ribbon)
   What is the profit (in ₹)?
9. 9.Which of these is income (money in)? (a) money from sales (b) printing posters (c) buying lemons (d) buying paper cups
10. 10.True or false: “payment for a cake order” is an expense (money out). (a) False (b) True
11. 11.📅 When is the best time to update your records? (a) once a year (b) whenever you like (c) never (d) the same day
12. 12.True or false: “cash from selling plants” is an expense (money out). (a) False (b) True
13. 13.📒 Income or expense: tutoring fees received? (a) income (b) expense
14. 14.Which of these is an expense (money out)? (a) a card order paid (b) money from sales (c) tutoring fees received (d) printing posters
15. 15.Nisha’s income was ₹490 and the profit was ₹280. One expense was ₹180 (stall fee). How much was the other expense, for lemons (in ₹)?
16. 16.📒 Income or expense: buying paper cups? (a) expense (b) income
17. 17.True or false: “buying lemons” is an expense (money out). (a) False (b) True
18. 18.Dev’s record for the day:
    Income: ₹400 (morning sales)
    Income: ₹130 (evening sales)
    Expense: ₹190 (lemons)
    Expense: ₹140 (paper cups)
    What is the profit (in ₹)?
19. 19.True or false: “paying the stall fee” is income (money in). (a) False (b) True
20. 20.Ishaan’s record for the day:
    Income: ₹70 (morning sales)
    Income: ₹150 (evening sales)
    Expense: ₹30 (posters)
    Expense: ₹180 (lemons)
    What is the profit (in ₹)?
21. 21.Which of these is an expense (money out)? (a) buying lemons (b) cash from selling plants (c) money from sales (d) tutoring fees received
22. 22.📒 Income or expense: a card order paid? (a) expense (b) income
23. 23.📒 Why write down every sale and cost? (a) to know the real profit (b) no reason (c) to fill a notebook (d) to look busy
24. 24.True or false: “payment for a cake order” is income (money in). (a) False (b) True
25. 25.➖ Profit in your records = (a) expenses − income (b) just the income (c) income − expenses (d) income + expenses
26. 26.Joseph’s income was ₹110 and the profit was ₹40. One expense was ₹20 (transport). How much was the other expense, for lemons (in ₹)?
27. 27.Riya’s stall took in ₹230 on Friday, ₹80 on Saturday and ₹90 on Sunday. What was the total income (in ₹)?
28. 28.Dev’s income was ₹410 and the profit was ₹130. One expense was ₹220 (card paper). How much was the other expense, for paper cups (in ₹)?
29. 29.Kabir’s record for the day:
    Income: ₹30 (morning sales)
    Income: ₹300 (evening sales)
    Expense: ₹70 (card paper)
    Expense: ₹140 (paper cups)
    What is the profit (in ₹)?
30. 30.📒 Income or expense: paying the stall fee? (a) expense (b) income
31. 31.Arjun’s stall took in ₹150 on Friday, ₹90 on Saturday and ₹100 on Sunday. What was the total income (in ₹)?
32. 32.True or false: “paying the stall fee” is an expense (money out). (a) False (b) True
33. 33.True or false: “money from sales” is an expense (money out). (a) True (b) False
34. 34.Lakshmi’s stall took in ₹260 on Friday, ₹70 on Saturday and ₹50 on Sunday. What was the total income (in ₹)?
35. 35.Arjun’s record for a rainy day:
    Income: ₹220 (sales)
    Expense: ₹80 (lemons)
    Expense: ₹200 (stall fee)
    How much is the loss (in ₹)?
36. 36.Farhan’s record for the day:
    Income: ₹250 (morning sales)
    Income: ₹120 (evening sales)
    Expense: ₹60 (paper cups)
    Expense: ₹20 (posters)
    What is the profit (in ₹)?
37. 37.Gurpreet’s stall took in ₹250 on Friday, ₹230 on Saturday and ₹150 on Sunday. What was the total income (in ₹)?
38. 38.Which of these is an expense (money out)? (a) payment for a cake order (b) paying the stall fee (c) money from sales (d) a card order paid
39. 39.Ishaan’s income was ₹130 and the profit was ₹20. One expense was ₹80 (ribbon). How much was the other expense, for paper cups (in ₹)?
40. 40.Diya’s record for a rainy day:
    Income: ₹130 (sales)
    Expense: ₹100 (stall fee)
    Expense: ₹70 (lemons)
    How much is the loss (in ₹)?

Free entrepreneurship lessons, practice and worksheets at talentjr.in/entrepreneurship-for-kids